Tesco has launched a credit card tailored for the 2.5 million sole-traders in the country offering an eight-week interest holiday and free “fuel points” on all balances. The points can be redeemed for fuel at Tesco petrol stations.
The company estimates that sole-traders could collectively earn 379 million miles a year on business spending.The reward will be offered on a sliding scale. Spending of £600 a month would earn 25 litres over the course of a year up to £3,000 monthly earning 125 litres every year. In addition to the offer the Tesco Business Card will offer a highly competitive best rate of 13.9 per cent.
“Many sole traders don’t keep their work and personal spending separate,” said head of Tesco Business Card Colin Roberson. “It may seem simple to put them both on the one card but it can be tricky trying to untangle them when the tax return is due.” Some estimates of business spending have placed the monthly figure for sole traders as high as £1.3 billion, with 90 per cent using their own personal credit cards.
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